Hampson Ind. Share Discussion Threads

[scrapman] 19/11/2012 09:38

I would back any shareholder campaign , but I suspect this is being systemically stripped

[tullynessle] 19/11/2012 09:33

Perhaps Mr Graham Hampson-Silk, son of founder Thomas Hampson-Silk, could be invited to act as a "Shareholder Champion" and represent current shareholders?






Son of Hampson Industries founder slams 'disgraceful' management at firm
by Graeme Brown Aug 3 2012


The son of the man who founded one of the Midlands' biggest aerospace companies has launched a scathing attack on management after its shares were suspended.

Brierley Hill-based Hampson Industries called off the search for a buyer this week and requested suspension of its shares after admitting it was not in a position to publish annual accounts before the deadline.

The son of the man who founded one of the Midlands' biggest aerospace companies has launched a scathing attack on management after its shares were suspended.

Brierley Hill-based Hampson Industries called off the search for a buyer this week and requested suspension of its shares after admitting it was not in a position to publish annual accounts before the deadline.

Graham Hampson-Silk, son of founder Thomas Hampson-Silk, said the company had been in decline "for a number of years" and believed it was down to poor management.


Article continues....

[tullynessle] 19/11/2012 09:27

It would be interesting to identify the minimum funding required to return Hampson's debt to compliance with current financial covenants.

[tullynessle] 19/11/2012 08:14

Hampson Management and Directors have not invited current shareholders to participate in a refinancing and restructuring of the Company.

It would be interesting to identify revenue and operating profit for the current quarter and projections for the next three to five years.

[tullynessle] 19/11/2012 08:09

Interesting process in play at ATH Resources - RNS issued this morning (Nov 19).

Personally, this is the first time I have seen such activity - buying the debt (or part of), to gain control, (or part control), of the rights attached thereto.

It appears that no "Administration" or "Receivership" process was required for the Lenders to implement rights leading to a possible sale.

I have always associated rights to sell and asset as a right of Ownership, unless such right was removed by the Courts.

I am a lay person - I am sure that the process described above is totally legal and that the Lenders are utilizing their contractual rights as agreed with Management.

Comments are about process only.







Company ATH Resources plc
TIDM ATH
Headline Trading Update
Released 07:00 19-Nov-2012
Number 3943R07

RNS Number : 3943R
ATH Resources plc
19 November 2012





19 November 2012
ATH Resources plc
("ATH" or the "Company" or the "Group")
Trading Update

ATH Resources plc (AIM: ATH), one of the UK's largest coal producers, today issues the following announcement.

The Group has been notified by its lenders, HSBC PLC and Clydesdale Bank PLC (trading as Yorkshire Bank), that BECAP Fund LP has acquired some of ATH Resources plc and its subsidiaries' banking facilities and their related rights.

As a result of initial discussions with representatives of BECAP Fund LP the Board understands that a comprehensive review and restructuring of the Group's business will be required and that, given the existing level of liabilities in the Company, it is unlikely that existing shareholder value will be maintained. Following completion of the review the new lender may be prepared to inject new capital into a restructured business.

The Board will continue to update the market as appropriate.

===============================




15 October 2012

15 October 2012

Update on Restructuring

On 5(th) October 2012, the Company announced that it was in discussions with its key stakeholders to secure support for a proposed refinancing plan. Consultations with key stakeholders, including the Company's lenders, are continuing, but developments over the past week have led the Directors to believe that the Company is unlikely to attract the level of capital required to continue operating without a restructuring of the Group. Given the level of liabilities within the Company, it is unlikely that shareholder value will be maintained following any possible restructuring.

Accordingly, the Company has instructed Deloitte LLP to advise on all restructuring options that may be available and to assist the Board in considering the merit of any proposals from parties who may be interested in investing in or acquiring the business.

The Company will update the market on developments in due course.

-End-

[tullynessle] 18/11/2012 10:07

Why was it not negotiated with Lenders for a proportion of the debt owed under the Group Finance Facilities to "written off" at the time BHW (Components) Limited ("BHW") was placed into Receivership?

Certainly, in the past BHW will have contributed to debt accumulated.

(Note: - I have used the word "negotiated" intentionally)

[tullynessle] 18/11/2012 09:07

The Extract below is taken from the "Detroit Auto Scene" edition dated November 08, 2012, and details comments made by Mr Daniel Nowicki, division chief financial officer for Hampson Aerospace in Macomb Township

The following are interesting:


i. " Now they (skilled workers) are more valuable than ever and we businesses end up stealing them from each other."

ii. "We have a perpetual 'help wanted' sign up, but we're looking for skilled and trained workers."






Extract:

"This M-TEC facility is important," said Daniel Nowicki, division chief financial officer for Hampson Aerospace in Macomb Township. "I've been involved as an advisor since day one.

"In a good economy such as we had 10 years ago, we couldn't find enough skilled workers. Now they are more valuable than ever and we businesses end up stealing them from each other."

The problem is only going to get worse in the next decade, Nowicki said. Many of today's skilled technicians are in their 50s and will be retiring. That makes it very
important to train the next generation of skilled techs.

"This is not the old days," Nowicki said. "Today's technicians work in air-conditioned factories using sophisticated technology. The days of manual labor
in factories is gone. We have a perpetual 'help wanted' sign up, but we're looking for skilled and trained workers."

[loverat] 16/11/2012 22:09

Tullynessle

The writing on the wall was here for some time. As it so often the case, it does not follow that the difficulties here should necessarily lead to shareholders being screwed. It depends on the management and whether they wish to safeguard shareholders or themselves.

Here, the management obviously did want to safeguard their shareholders and chose the option which works best for them.

What alot of directors do not realise is that in so many walks of life acting in such a way usually comes back to bite you in the future.

[tullynessle] 16/11/2012 21:56

Should the Board of Directors be instructed to appoint a "Shareholders Champion"?

I am totally amazed that our Company can be de-constructed whilst the Owners, (shareholders), are starved of operational and financial detail that led the Company to such a disposition.

For example:

- Description of the "Issue" along with the cause, accountable Management, rectification,recoveries and the impact on revenue and profit, noting that Hampson were profitable prior to such incident.

- The role of Hampson's client in respect of the "Issue" and their support for the Company post event - noting that "The division continues to make deliveries against the Group's largest tooling order, on which, as previously announced, issues were identified during the testing and customer approval process" (RNS July 3, 2012)

- On February 2, 2012, amid the financial credit crunch, Hampson raised £59.5 million via a Placing and Open Offer. Many shareholders supported the fund raising.

How did Management and the Board of Directors decide that £59.5 million was the appropriate amount to sustain the Company?

- Other - I am sure that there are lots of questions - however who will answer them?

[tullynessle] 16/11/2012 21:28

Description of "fixed charge receivership"

Extract 1 (Taken from Link 1)

"Hampson Industries PLC (the "Company" and, together with its subsidiaries, the "Group") announces that fixed charge receivers have been appointed over the shares held by Hampson Aerospace Services Limited in BHW (Components) Limited ("BHW")."


Link 1:



Date : 16/11/2012 @ 16:00
Source : UK Regulatory (RNS & others)
Stock : Hampson Ind. (HAMP)

Hampson Industries PLC Receivership sale

RNS follows...

==============================

Extract 2 (Taken from Link 2)

"Fixed charge receiverships

W h at a r e t h e y ?

A fixed charge receiver may be appointed by a lender with a mortgage, charge or other security over real property or other specified assets. The appointment is quick and fairly inexpensive.

The receiver will generally have broad powers to realise assets and, in respect of real property, collect rent. Unlike many other insolvency appointments, a fixed charge receiver need not be a licensed insolvency practitioner and specialist surveyors are commonly appointed. Many will be members of and comply with the voluntary code of NARA (the Association of Property and Fixed
Charge Receivers)."


Link 2 - Description of "Fixed charge receiverships" and User Guide

[minsky] 16/11/2012 16:51

When I wrote my reply to manicman I didnt notice the RNS.
When did it go into receivership?

[troc1958] 16/11/2012 16:47

"The conclusion of the sale of the Group's US and Indian operations (and the realisation of any remaining assets) are not expected to result in there being any value remaining for the Company's shareholders."

Unfortunate - horse fell at the last - zero payout

[tullynessle] 16/11/2012 16:39

Date : 16/11/2012 @ 16:00
Source : UK Regulatory (RNS & others)
Stock : Hampson Ind. (HAMP)

Hampson Industries PLC Receivership sale


Receivership sale of the entire issued share capital of BHW (Components) Limited held by Hampson Aerospace Services Limited

Hampson Industries PLC (the "Company" and, together with its subsidiaries, the "Group") announces that fixed charge receivers have been appointed over the shares held by Hampson Aerospace Services Limited in BHW (Components) Limited ("BHW"). Pursuant to an agreement dated 16 November 2012, the receivers have effected the sale of the entire issued share capital of BHW to LNB UK Limited for a consideration of GBP2,365,000 in cash, GBP2,215,000 of which has been paid, and GBP150,000 of which is to be paid within 30 days of completion. The consideration is payable by the purchaser to the receivers, on behalf of Hampson Aerospace Services Limited and will be applied (after the deduction of the costs of sale) in repaying part of the outstanding debt owed by the Group to the lenders under the Group's finance facilities.

BHW provides integrated airframe solutions for aircraft component manufacture and assembly to OEM and tier-one suppliers to the aerospace industry (including the manufacture and supply of engine nacelles, fuselage structures, empennage, aircraft skins and other aerospace components). As at 31 March 2011, the value of the gross assets of BHW were GBP15.16 million and BHW recorded a net loss for the period to 31 March 2011 of GBP3.91 million.

With the support of the Group's lenders, the Board of Directors (the "Board") of the Company continue to actively pursue the objective of achieving a sale of the Group's US operations (and of the Group's interests in India).

The conclusion of the sale of the Group's US and Indian operations (and the realisation of any remaining assets) are not expected to result in there being any value remaining for the Company's shareholders.

Further announcements will be made as appropriate.

[minsky] 16/11/2012 16:26

If it was sold for £120m you'd be laughing (100x the current negligible share value plus £50m debt).
If it is sold for £50m or less you're screwed.

Others could point out more accurate figures.

[manicman182] 16/11/2012 16:19

Where do the private investors stand in all this???

[minsky] 16/11/2012 10:15

From Wikipedia:
Cognitive dissonance is the term used in modern psychology to describe the state of people when holding two or more conflicting cognitions (e.g., ideas, beliefs, values, emotional reactions) simultaneously. In a state of dissonance, people may sometimes feel surprise, dread, guilt, anger, or embarrassment.The theory of cognitive dissonance in social psychology proposes that people have a motivational drive to reduce dissonance by altering existing cognitions, adding new ones to create a consistent belief system, or alternatively by reducing the importance of any one of the dissonant elements. It is the distressing mental state that people feel when they "find themselves doing things that don't fit with what they know, or having opinions that do not fit with other opinions they hold." A key assumption is that people want their expectations to meet reality, creating a sense of equilibrium.

Belief 1: Hampson is back on track, riding the pick-up in aerospace.
Belief 2: Hampson has £50m debt its lenders want back, shares suspended since July, and the board have said the shares have little or no value.

The last RNS stated the accounting reference date had been pushed back, so we may not hear anything from them until the next AGM in March 2013 if it lasts that long.

[minsky] 16/11/2012 10:14

it is listed as a subsidiary in the last annual report (p103)

[tullynessle] 16/11/2012 07:30

Noticed that Hampson Industries US Inc are advertising currently five (5) job positions at "Monster"

Note also the references to:

(a) "Night Shift" at (iii)
(b) "2nd Shift" at (iv)

Does the existence of "Night Shifts" and "2nd Shifts" in Hampson's US operations bode well for current production and accompanying revenue?






(i) Network Technician - Hampson Industries US Inc

(ii) Tooling Design Supervisor - Hampson Industries US Inc

(iii)Welder (Night Shift) - Hampson Industries US Inc

(iv)QC/Valysis Inspector (2nd Shift) - Coast Composites

(v) Aerospace Combo Welder - Coast Composites

[tullynessle] 16/11/2012 07:16

Anyone know if "Hampson Industries US Inc" is an entity recently created?




Company
Hampson Industries US Inc

[tullynessle] 14/11/2012 07:03

I suspect that UAVs are going to form an integral and growing component of peace and conflict management - probably for most countries around the world.




Sukhoi to Build Strike, Recon Unmanned Planes

By RIA Novosti on Tuesday, November 13th, 2012

Russian aircraft maker Sukhoi is to focus on creating reconnaissance and strike unmanned air vehicles (UAV) in the near future, United Aircraft Corporation President Mikhail Pogosyan said at the Zhuhai Airshow China exhibition on Tuesday.

Sukhoi, which has historically designed fighter and ground attack aircraft but now also builds some civil aircraft, is part of UAC, a holding covering most of Russia's aircraft industry.

"UAVs are a strategic avenue for development for UAC, and Sukhoi is focused on creating reconnaissance and strike UAVs. But our firm plan

Article continues.....

[ccraig69] 13/11/2012 20:38

Think pension lower due to long term interest rates. This has increased pension defacites lately.

[tullynessle] 13/11/2012 17:31

Lockheed Martin acquires UAV maker Chandler/May - today (Nov 13, 2012)



Lockheed Martin acquires UAV maker Chandler/May
Washington Business Journal by Jeff Clabaugh, Broadcast/Web Reporter
Date: Tuesday, November 13, 2012, 10:07am EST

Bethesda-based Lockheed Martin has acquired Huntsville, Ala.-based Chandler/May Inc., a maker of unmanned aerial vehicles and ground control stations for them.

Financial terms of the acquisition weren't disclosed. Lockheed says it is not material to its operating results.

Chandler/May makes command and control shelters and portable ground control stations for the Army's UAV programs. It has produced more than 2,200 unmanned aerial vehicles.

Lockheed (NYSE: LMT) says Chandler/May is now part of its Mission Systems & Sensors division.

=======================================



ChandlerMay website

[tullynessle] 12/11/2012 18:11

Sea and Sky

I believe you indicated that you recently returned to the BB.

Post 2613, (copied below), was written on October 10, 2012.

It is intended to update the Post from time to time.....


Tullynessle 10 Oct'12 - 16:16 - 2613 of 2670 edit

I have added Item 13

Re Posts 2598 / 2600

I have extracted the list in Post 2598 and added numbers for tracking each item. Others can be added by BB members.

I haven't given up on Hampson, (although perhaps I should?), for some of the reasons already posted on the BB, to include:

01 Dreamliner Issue - hopefully resolved and income due in 2012 now to be paid in 2013 (less any additional cost but plus any recoveries)

02 Pension Deficit - impacted positively by rising markets (FTSE + 12% )

03 Interest rates remain low - favourable impact on financing

04 Government "Funding for Lending" initiative

05 Finance now available from other sources

06 Government interest in supporting UK Industry

07 Boeing increased production in Q3 - reported Post 2596

08 HondaJet - good progress

09 Airbus, Bombardier, etc - confidence in the Aerospace / Airframe industry.

10 Composite Horizons work for General Atomics on the Predator Avenger drone. Drones are a big growth area. (Per Minsky 2600)

11 Composite Horizons - Has CHI extended their medical range of Diagnostic equipment and services, thereby enhancing opportunity in a growth market and contributing to the management of delay risk in the aerospace sector.

12 M & A / Consolidation in the aerospace sector e.g. BAe & EADS

13 Operational, Revenue and Profit benefits accruing from the Project performed by the cross functional team formed to transfer and assimilate a major new program critical to the future success of the company, (Texstars / Hampson?) - Post 2611

14 Other


Facts believed to be correct however all IMO / DYOR